Sunday, September 25, 2011

Remember, not only did you contribute to Social Security but your employer did too. It totaled a percentage of your income before taxes. If you averaged only 30K over your 49 year working life, that’s close to $220,500.

If you calculate the future value of $4,500 per year (yours & your employer’s contribution) at a simple 5% (less than what the govt. pays on the money that it borrows), after 49 years of working you’d have $892,919.98.

If you took out only 3% per year, you would receive $26,787.60 per year and it would last better than 30 years, and that’s with no interest paid on that final amount on deposit! If you bought an annuity and it paid 4% per year, you’d have a lifetime income of $2,976.40 per month.

Just because congress invested $2.67 trillion of our Social Security Trust Fund in T-Bills, which is counted as 19 percent of our federal debt, doesn't make my Social Security payment benefit some kind of charity or handout!! (The TRUTH About Who Really Owns All Of America's Debt)

Republicans call Social Security and Medicare an entitlement even though most of us have been paying for it all our working lives, and now, when it’s time for us to collect our paid up insurance benefit, Republicans demonize it as an "entitlement" because they want to privatize it to Wall Street to cut the massive debt they created with tax cuts for the rich. "Starving the Government Beast" through tax cuts is a fiscal-political strategy adopted by American conservatives in the 1970's to create or increase existing budget deficits via tax cuts to force future cuts and eventual privatization of Medicare, Social Security, Public Education and every other public government service. [Starving The Beast]

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